The U.S. Securities and Exchange Commission has reportedly signed a $125,000 deal with blockchain analytics firm AnChain.AI to help monitor and regulate the decentralized finance industry. According to a Friday report from Forbes, an AnChain.AI company spokesperson confirmed the agreement with the federal regulator, saying the SEC and blockchain firm had the option to sign
Regulation
The latest news has left the decentralized finance community in a collective fetal position. Responding to the threat of increased regulatory oversight, leading decentralized exchange Uniswap recently restricted the trading of certain tokens. Earlier in July, Dan M. Berkovitz, chairman of the Commodity Futures Trading Commission (CFTC), said that DeFi derivatives platforms might contravene the
Turkish media reports that authorities there are investigating an alleged Dogecoin mining scam that pulled the rug on investors after amassing $119 million worth of deposits. An Aug. 23rd report from local channel TV100 broke the news, with police identifying pseudonymous online avatar “Turgut V.” as the scheme’s suspected operator. Authorities believe that Turgut and
Digital rights advocacy group Fight for the Future has publicly called out Alabama lawmaker Richard Shelby for preventing an amendment clarifying the role of crypto in the infrastructure bill to be addressed in the United States Senate. Fight for the Future has used donations it received in cryptocurrency to place a billboard in Birmingham, Alabama
Britain’s Financial Conduct Authority (FCA) released a supervisory notice on Wednesday, stating that prominent crypto exchange Binance is not capable of being effectively supervised and exposes users to financial risk. The FCA notice — originally dated June 25 — was in relation to Binance’s “complex and high-risk financial products” that pose a significant risk to the
In recent weeks, the blockchain industry made headlines as it engaged in intense discussions with lawmakers after a $28 billion crypto tax reporting proposal unexpectedly became part of the Bipartisan Infrastructure Deal (BID). Ultimately, the BID language was unchanged, leaving uncertainty for the companies that build on blockchain, especially those dedicated to its value beyond cryptocurrency
The government of the Kyrgyz Republic is moving forward to cryptocurrency adoption by introducing a national regulatory framework for crypto trading platforms. Kyrgyzstan’s State Service for Regulation and Supervision of Financial Markets (Gosfinnadzor), a regulatory agency operating under the Ministry of Economy and Finance, has developed a draft provision for regulating crypto exchanges, local news
Mumbai-based crypto exchange CoinDCX has reportedly joined the Advertising Standards Council of India (ASCI). In what seems like a response to the Delhi High Court’s notice regarding ad disclaimers from crypto exchanges, CoinDCX intends to use this partnership to improve advertising transparency and stay off the radar of the Indian regulators. ASCI is a non-governmental,
Amid the enormous success of crypto-powered game Axie Infinity in the Philippines, the local Department of Finance has made clear that it wants a cut of profits generated by playing Axie and other play-to-earn games. An August 23 report from Inquirer cites Philippine Finance Undersecretary Antonette Tionko as clarifying that any profits gleaned through play-to-earn
Powers On… is a monthly opinion column from Marc Powers, who spent much of his 40-year legal career working with complex securities-related cases in the United States after a stint with the SEC. He is now an adjunct professor at Florida International University College of Law, where he teaches the course “Blockchain, Crypto and Regulatory Considerations.”
The results of a recent survey undertaken by Redfield & Wilton Strategies on behalf of Politico, suggests that a plurality of the British adult population hold visceral concerns surrounding a Bank of England (BOE) issued central bank-backed digital currency (CBDC). The 2,500 British adults surveyed in the study in early August expressed doubt and concern
Nayib Bukele, the president of El Salvador and the principal figure behind the country’s adoption of Bitcoin (BTC), said residents will have the opportunity to convert their crypto to fiat immediately after Bitcoin is recognized as legal tender. In a Sunday announcement on Twitter, Bukele said 4.5 million adults in El Salvador would have the option of
Dawn Stump, one of four commissioners currently serving at the Commodity Futures Trading Commission, or CFTC, has released a statement clarifying the agency’s authority with respect to digital assets. In a Monday statement, Stump said the CFTC is empowered with both regulatory and enforcement authority for commodities. She did not specifically say that digital assets were
Regulators from Yingjiang County in Yunnan, China have issued strict warnings to hydroelectric plants against supplying power to enterprises involved in Bitcoin (BTC) mining. A recent report claimed that the Office of the People’s Government of Yingjiang County issued notice to hydropower plants to strengthen oversight on Bitcoin mining operations. According to the announcement, the
The United States Congress appears to be pushing for greater regulatory clarity regarding crypto assets, having proposed18 bills concerning blockchain and cryptocurrency during 2021 so far. According to analysis published by former Federal Deposit Insurance Corporation regulator, Jason Brett, on August 22, the current 117th Congress has broken from its predecessor in focusing on regulating
Today’s consumers are willing to trade their data for personalization but have fast-growing concerns about data privacy. In a survey from a digital security and credential issuance company Entrust, only 21% of the respondents trust established global brands to keep their personal information secure. As data privacy pressure on Big Tech increases, these companies are